Rostam Aziz takes over Nation Media as Aga Khan era ends

By Newsflash Writer

Nation Media Group (NMG) has announced changes to its board of directors following the takeover of the company by Tanzanian billionaire Rostam Aziz, marking a new chapter for the media house.

The changes, announced by NMG Board chairperson Joe Muganda on Friday, August 28, 2026, will see six new directors join the board while four others step down.

Juliana Rotich, Bharat Thakrar, Julius Kipng’etich, Julie Gichuru, Georgia Mutagahwa and Wilfred Musau have been appointed to the board as the company enters a new phase under its new ownership.

Those leaving the board are Nancy Booker, Al-Noor Ramji, Sultan Ali Allana and Fayyaz Nurmohamed.

End of Aga Khan era

Insiders told Newsflash that the changes are linked to the transition in ownership from the Aga Khan to Aziz, whose business interests stretch across East Africa.

“The board changes are part of the transition to the new ownership and are expected to give the company a fresh strategic direction,” an insider told Newsflash.

In March this year, the Aga Khan Fund for Economic Development (AKFED) agreed to sell its shareholding in NPRT Holdings Africa Limited, which holds a 54.08 per cent stake in NMG, to Taarifa Ltd, a vehicle owned by Aziz.

Tanzanian billionaire Rostam Aziz. Photo/Handout

The transaction brought to an end AKFED’s 66-year association with NMG, which began in 1959 when the late Aga Khan IV backed the creation of an independent press during the colonial period.

The Aga Khan IV died in 2025 and was succeeded by his son, Prince Shah Rahim Al-Hussaini.

The purchase price was not disclosed. However, based on NMG’s closing share price of Sh13.25 on Tuesday, the NPRT block had an implied market value of approximately Sh1.23 billion.

Profitability test

The new leadership’s biggest task will be to turn around NMG’s profitability, which has declined over the years as the media industry grapples with digital disruption and a shift in news consumption trends.

Audiences have increasingly moved from traditional newspapers, television and radio to digital platforms, forcing media companies to rethink their business models, content strategies and revenue streams.

For NMG, the board will therefore be expected to balance investment in digital journalism with efforts to strengthen advertising, subscriptions and other commercial opportunities.

Aziz is not new to the East African media industry. He co-founded Mwananchi Communications Limited in Tanzania in 1999, helping establish The Citizen, Mwananchi and Mwanaspoti newspapers. NMG later acquired the company, expanding its footprint in Tanzania.

The new directors bring experience from business, media, technology and corporate leadership as NMG seeks to navigate a changing industry.

The board transition comes at a significant time for the media group, which remains one of East Africa’s largest media companies, with interests spanning print, television, radio and digital platforms.

The changes mark a departure from the ownership structure that defined NMG for more than six decades, while placing renewed focus on restoring profitability and ensuring the company remains competitive in the digital era.